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Budgeting for a Home Extension? Here are the Essentials

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After much consideration, you have finally decided to go ahead with a house extension. However, you are aware that this is not a small feat, especially if you are planning for a big portion of your house to be renovated at the same time.

This is why it is important to have a proper budget to begin with, if you want a beautifully done home extension.

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Why Do You Need to Budget?

No matter how big your extension project, you will be spending money on it. You will want to ensure that every dollar is wisely spent, right? That is where a well thought out budget will help reel you back in to reality in case your mind starts to wander to grand extension expectations that are actually well beyond your wallet’s reach.

The first thing you need to do is to set a goal, so you’re clear on what you actually want with your home extension project. Which part of the house should the builder focus on? Why are you having your house extended in the first place? How much can you actually afford? Once you’ve answered these questions then you are ready to proceed with the budgeting itself.

Essentials to Include in Your Extension Budget

Budgeting for your house extension is one of the first steps you must take. Arguably, this is no easy task especially if you have no background in home renovation. The best approach is to consult with a professional design and build provider.

Consulting with a builder will give you an expert’s perspective on the project, and they can help you develop your ideas into a home that you’ll love. An expert can also provide a detailed proposal or quote so you will have a clearer idea about how much you will be spending.

But to help you get started, here are the essentials you need to include when you are planning your home extension project.

  • Think in terms of per square metre. If you want a quick way of budgeting it, measuring the area that the extension will cover will get you fairly close pricing estimate. Depending on your location and the actual cost of the materials, you will be able to use this information to get an estimate based on the dimensions of your build.
  • Heating and air conditioning. Since you will be extending your house, there will be more space to heat up or cool down so consider the cost of additional systems and installation.
  • Piping and gas. These are to be considered if you are extending or putting up a new kitchen or wet area.
  • Materials cost. From the nails to the floor tiles and paint, you need to have your materials estimated.
  • Plans and fees. Most reputable design and build providers will look after these for you, but you’ll still need to budget for any associated costs.
  • Labor cost. Of course, you will have to pay your builder or contractor.

Conclusion

As you can see, budgeting is an important part of your home extension plan. It pays to have a clear understanding of how much you need to spend and what you can comfortably afford.

If you want an expert’s input on how much your dream extension will cost, please contact us today.

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